Nework to acquire recruitment and search company
Nework Corp NWK
Shares issued 12,200,000 2000-04-18 close $1
Tuesday May 2 2000
Mr. John Wiseman reports
Nework has signed a letter of intent to acquire a recruiting company specializing in the placement of marketing communications talent. While the company is based in New York, it services clients in a number of U.S. cities.
"The acquisition of this company, an established entity in its area of specialty, is an important part of our strategy to acquire profitable, well-managed recruiting companies that operate in strategic vertical markets or niches. The addition of this acquisition to the Nework Network of specialty recruiters will give us a presence in the U.S. market and allow us to enhance and streamline the level of service that we provide to our existing U.S. client base.
"A New York office is a key part of our strategy to create a global network to find and recruit talent for new economy companies," said Alan Rootenberg, president and chief executive officer of Nework Corp.
The purchase price comprises cash, stock and future share consideration based on meeting certain performance criteria.
According to John Wiseman, chief financial officer of Nework Corp., "This agreement will allow us to acquire a profitable, well-managed company on terms that create value to the Nework Corp. shareholder."
Nework Corp. is moving forward on drafting definitive agreements for this acquisition, which is conditional upon financing and regulatory approval.
WARNING: The company relies upon litigation protection for "forward-looking" statements.
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